衍生工具使用、公司治理与企业风险

被引：17

作者：

周德良 ^{[1
]}

蔡雪玲 ^{[2
]}

杨雪 ^{[3
]}

机构：

[1] 兰州财经大学会计学院，甘肃省智能财务协同创新中心

[2] 兰州财经大学统计学院

[3] 兰州财经大学财务处

来源：

投资研究 | 2022年 / 41卷 / 09期

关键词：

衍生工具; 公司治理; 企业风险; 现金流波动性; 盈余波动性;

D O I：

暂无

中图分类号：

F275 [企业财务管理]; F271 [企业体制]; F832.5 [金融市场];

学科分类号：

020219 [财政学（含：税收学）]; 120206 [财务管理]; 120301 [农业经济管理];

摘要：

以2013—2018年我国深沪两市A股上市公司为研究样本，实证检验衍生工具使用、公司治理与企业风险之间的关系。研究发现：公司使用衍生工具显著降低企业现金流的波动性，但对盈余波动率无明显影响；治理水平越高的公司越倾向于使用衍生工具，但高治理水平的公司与衍生工具使用程度之间的关系未得到验证；公司治理水平越高，使用衍生工具降低现金流波动率效果越明显，对盈余波动率的调节作用也较为明显。

引用

页码：39 / 53

页数：15

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